Novartis sales, profits rise in first quarter on COVID-19 buying rush [Reuters (UK)]
Novartis AG (NVS)
Last novartis ag earnings: 4/28 01:00 am
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Source: Reuters
Novartis sales, profits rise in first quarter on COVID-19 buying rush - Reuters 3 Min Read ZURICH (Reuters) - Novartis ( NOVN.S ) saw first-quarter sales climb as hospitals and patients stocked up on drugs to avoid being left short during the coronavirus crisis, lifting profits for the Swiss drugmaker. The company reported on Tuesday that core net income rose 34% to $3.55 billion, exceeding the average analyst forecast in a Refinitiv poll of $3.17 billion. Sales climbed 13% to $12.3 billion, above the poll average of $12 billion. The result topped Novartis’s 2020 forecast of mid to high single-digit percentage growth for revenue and high single-digit to low double-digit growth for operating profit. But Chief Executive Vas Narasimhan stuck to his existing outlook, saying the rush for supplies would ease as customers’ shelves were now well stocked. “We assume Q2 healthcare systems return to normal operations, and with that we can come back to our originally planned performance in 2020
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Sec Filings
- 11/25/24 - Form 6-K
- 10/29/24 - Form 6-K
- 10/29/24 - Form 6-K
- NVS's page on the SEC website